HDFC Life's net premium income for Q3FY19 came in at Rs6,897.7cr, up 27.3% yoy, while its net commission expense remained flat at Rs262.3cr. Benefits paid during Q3FY19 declined 4% yoy to Rs2,994cr, whereas the change in actuarial liability resulted in an additional provision of Rs4,799.5cr. Net profit after tax for Q3FY19 stood at Rs245.6cr, up 18.5% yoy. The net premium income and net profit after tax are in-line with the consensus estimates. The solvency ratio of the company was at 191% as on December 31, 2018.
• HDFC Life’s new business premium (individual and group) increased significantly by ~41% yoy to ~Rs9,940cr in 9MFY19.
• The renewal business premium witnessed a rise of 18% yoy to Rs8,920cr in 9MFY19. This is backed by stable 13th month persistency at 86.4% in 9MFY19.
• The investment income under policyholders' account declined by ~44% yoy to Rs2,384.9cr in Q3FY19. This was due to lower mark-to-market gains in the unit-linked segment compared to that in the previous period due to market movement.
• The profitability of new business written, as measured in the ‘Value of New Business’ (VNB), increased 25% to Rs971cr in 9MFY19 from Rs777cr in 9MFY18.
• VNB margin increased from 22.2% in 9MFY18 to 24.0% in 9MFY19.
• The Annualized Premium Equivalent (APE) of new business written during 9MFY19 increased ~16% yoy.
• The cost-to-income ratio improved 17.6% in 9MFY19 as against 18.7% in 9MFY18.
• The assets under management (AUM) of the company increased by 13% yoy to Rs1,17,701cr as on December 31, 2018.
• The company’s net worth stood at Rs5,690cr as at December 31, 2018. The solvency ratio was at 191% as against the regulatory requirement of 150%.
• The board has approved the appointment of Mr. Niraj Shah as Chief Financial Officer of the company with effect from March 1, 2019 (previously CFO at PNB MetLife).
• The investment yield across the segment was as follows:
o Non-linked par 5.4% in Q3FY19 vs. 0.8% in Q3FY18
o Non-linked non-par 6.3% in Q3FY19 vs. (0.8%) in Q3FY18
o Linked non-par 2.0% in Q3FY19 vs. 2.1% in Q3FY18
HDFC Standard Life Insurance Company Ltd share price is currently at Rs384.80, up 0.9 points, or 0.23%, from its previous close of Rs383.90 on the BSE. The scrip opened at Rs389 and touched a high and low of Rs389.55 and Rs382.05, respectively. A total of 14,22,258 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200-DMA.
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